A raft of new measures – coming into force today – will see wages
go up, bills come down, and more support for those who need it
most.
In an uncertain and volatile world, the Prime Minister is
continuing to work with allies to push for de-escalation in the
Middle East – which is the surest and quickest way to bring down
pressures on prices.
On Monday, he hosted a roundtable with energy, insurance, and
shipping companies and on Tuesday he chaired a COBR(M) meeting to
assess the situation with Cabinet colleagues.
Measures coming into force today include:
- Increasing the National
Living wage to £12.71 – a £900 boost for 2.4 million workers
- Increasing the National
Minimum Wage to £10.85 – a £1,500 boost for over 200,000 young
workers
- Cutting energy bills by an
average £117 a year for millions across the UK – locked in until
end of June
- The Crisis & Resilience
Fund starts running – enabled by £1bn of funding – which helps
vulnerable households with things like heating oil
- A freeze on prescription
prices – so people aren't spending more than a tenner on their
medicines
This follows an update to the public on 16th March
where the Prime Minister set out five steps that were already in
place on the cost of living. These were:
1) Cutting the energy price cap until the end
of June – thanks to last year's Budget
2) The Chancellor's decision to extend the cut
in fuel duty until this September
3) £53 million for households that are
most exposed to heating oil rises
4) Building Britain's energy security and
independence
5) Ongoing work towards a swift resolution
of the situation in the Middle East
The cut to the energy price cap comes on top of the £150 Warm
Home Discount that around 6 million families will have received
this winter, following its expansion last year – and eligible
billpayers will continue to receive this support every winter for
the rest of the decade.
Prime Minister said:
“In an uncertain and volatile world, it is my government's duty
to protect the British people at home and abroad.
“I know the public are concerned about the conflict in Iran and
what it means for them and their families.
“I want to reassure them that they have a government on their
side, working with allies on de-escalation and bearing down on
the cost of living.
“Today, millions of people up and down the country will see
energy bills go down by £117, wages go up for the lowest paid,
and more support will be available for people who need it most –
because of the decisions this government has taken.
“But we must go further to bear down on costs, and that means
pushing for de-escalation in the Middle East and a re-opening of
the Strait of Hormuz. That is the best way we can bring down the
cost of living for families and that is my focus.”
